- The US dollar index (DXY) hit new highs in May on Thursday.
- The level to beat for buyers is resistance 110.40.
DXY daily chart
The US Dollar Index (DXY) climbs above the 100.00 mark while trading above the major SMAs over the daily period, suggesting that the uptrend is intact.
Four-hour DXY graph
The DXY is trading near the resistance of 110.40 while it is above the main SMA on the four-hour chart. Bulls remain in total control, with the market recording higher ups and downs in the first two weeks of May. Buyers are probably looking for a potential extension to the figure of 101.00 and above. Meanwhile, occasional downward retracements could find support near 100.00 and 99.60 levels.